Slow licencing process is a headache for fintechs expanding to Kenya
- Fintech startups struggle to obtain operating licenses in Kenya.
- Payment service provider licenses can take up to two years due to approval delays.
- Onafriq connects licensed parties to facilitate money transfers across Africa.
The lengthy licensing process in Kenya poses a significant barrier to fintech innovation and competition, favoring established players. Implementing licence passporting could be a game-changer, enabling startups to operate more freely across borders and fostering a more competitive market landscape.
